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Positioning strategies for market share are crucial determinants of prevailing companies’ success in the ever changing state of Automotive Augmented Reality (AR) Market. The automotive industry has been experiencing technological advancements that have changed how businesses operate and AR integration is a key differentiator within this space. In order to control a sizeable chunk of the market, companies in this sector adopt several strategies.
One common strategy is product differentiation through innovation. Companies strive to keep one step ahead by constantly innovating their AR solutions. This includes development of such modern features as heads-up displays, virtual navigation and real-time diagnostics. Such unique and advanced functionalities distinguish these firms thereby capturing the attention of a selective consumer base who will give them a higher market share.
Additionally, collaboration and strategic partnerships have an important bearing on market share positioning. Many players within the Automotive AR Market appreciate synergy and collaboration amongst themselves. Thus, by making alliances with automakers, software developers or technology integrators, enterprises develop all-embracing AR solutions that blend seamlessly into existing automotive systems. Besides enhancing the overall value proposition, this approach extends the company’s reach through expanding its marketing area thus leading to it gaining more customer share.
The other aspect for market share strategy is price positioning which plays an important role in ensuring gain over competition in highly competitive environment where many companies struggle for each client. As some companies opt to be cost leaders targeting price sensitive consumers with affordable solutions around augmented reality; others consider adopting premium pricing strategies that would attract customers who desire high quality feature-rich experiences. Striking balance between cost and value is significant if firms wish to capture large part of the market.
Another way is through winning penetration strategies which gives them firm footing on their places in this business field in question. Consequently, there are ways like increasing product availability and accessibility to expand customer base .This can take form such as venturing into new geographical markets ,targeting various types of customers or exploiting unexplored distribution channels. Consequently, businesses having more audience increase their shares of the market and take advantage of new business opportunities in various market sectors.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Increased production and sale of automobilesKey Market DynamicsIncreased awareness regarding safety growing urbanization increasing aftermarket industry |
| Market Dynamics | Increased awareness regarding safety growing urbanization increasing aftermarket industry |
Automotive Augmented Reality Market Highlights:
Automotive Augmented Reality Market Overview:
Automotive Augmented Reality Market Size was valued at USD 1.68 billion in 2023. The Automotive Augmented Reality market industry is projected to grow from USD 2.36 Billion in 2024 to USD 25.93 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 34.90% during the forecast period (2024 - 2032). Increased awareness regarding safety,growing urbanization, and increasing aftermarket industry are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Automotive Augmented Reality Market Trends
Technological Advancements in Automotive Industry are driving market growth
This sector is going through rapid technological development, such as growing electrification and using advanced technology. For instance, the penetration of IoT in automotive has enhanced the potential for visualization and connectivity. In addition, the development and adoption of 5G technology for fast internet connectivity are further expected to enhance the functioning of augmented reality in automobiles. Moreover, the growing investment of OEMs in R&D and increasing electric vehicle sales are some of the major factors expected to influence augmented reality in the automotive market CAGR.
Additionally, with the evolution of advanced communication technology, the demand for connected vehicles has increased rapidly in the transportation system. These connected vehicles use an augmented reality-based Advanced Driver Assistance System (ADAS), which visualizes the crucial guidance information calculated by multiple connected vehicles. In addition, the AR system also superimposes the information on the driver's field of vision with the assistance of the AR HUD display and further enhances safety. Moreover, increasing AR applications in new-generation connected vehicles will boost the automotive augmented reality market revenue.
Automotive Augmented Reality Market Segment Insights:
Automotive Augmented Reality sensor technology Insights
Based on technology, the Automotive Augmented Reality Market segmentation includes Lidar, Sensor fusion, Radar, and CCD. The sensor fusion segment is expected to hold the largest market share. Sensor fusion merges the data from various sensors, such as radar, LiDAR, CMOS, and others, resulting in more accuracy than individual sensors. The increasing demand for high data accuracy for AR devices in automotive is expected to drive the segment's growth during the forecast period. In addition, sensor fusion works precisely on various roads and weather conditions; hence they are highly preferred in this industry. The segment is expected to witness a CAGR of 20.2% over the forecast period.
Automotive Augmented Reality Level of autonomous driving Insights
The Automotive Augmented Reality Market segmentation, based on the level of autonomous driving, includes conventional and semi-autonomous. The semi-autonomous segment held the largest market share in 2020 and is expected to continue its dominance over the forecast period. The rising consumer preference for semi-autonomous vehicles due to enhanced driving and safety experience is expected to drive the segment's growth during the forecast period. In addition, increasing manufacturers' focus on deploying this technology in semi-autonomous vehicles is the supporting factor for segmental growth.
Figure1: Global Automotive Augmented Reality Market, by Level of Autonomous Driving, 2022 & 2032(USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Automotive augmented reality Function Insights
Based on Function, the Automotive Augmented Reality Market segmentation includes AR HUD with Navigation, standard functions, and adaptive cruise control. The AR HUD with navigation segment is anticipated to register the fastest CAGR of 19.6% over the forecast period. The rising consumer preference for AR for navigation is expected to drive the segment's growth.
March 2021: Audi Q4 e-Tron comes with a spacious cockpit. Audi has added advanced features to this all-electric vehicle, including an AR HUD display. The company initially developed it as a concept car, first revealed at the 2019 Geneva International Motor Show.
January 2021: Panasonic Automotive introduced its new AR HUD at CES 2021. The company used its optics, imaging technology, and volume optimization advancements combined with Al from its SPYDR cockpit domain controller to render far-field and near-field content for vehicle information. The information includes speed, pedestrian, or object detection route/mapping guidance for an informed and enhanced driving experience.
Automotive augmented reality Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American automotive augmented reality market will dominate this market; growing awareness regarding safety, Increased technology advancement, and rising aftermarket industry will boost the market growth in this Region.
Further, the major countries studiedin the market reportare The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: AUTOMOTIVE AUGMENTED REALITY MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Automotive Augmented Reality market accounts for the second-largest market share due to thetechnological advancement in the region would further drive market growth. The presence of well-established key players, such as BMW, Volkswagen, Mercedes, and others, is the supporting factor for the market in the Region. Further, the German Automotive Augmented Reality market held the largest market share, and the UK Automotive Augmented Reality market was the fastest-growing market in the European Region.
The Asia-Pacific Automotive Augmented Reality Marketis expected to grow at the fastest CAGR from 2024 to 2032. This is due tothe rising government and private investments in the development of startups based on AR are expected to boost the market growth in the region. Moreover, China’s Automotive Augmented Reality market held the largest market share, and the Indian Automotive Augmented Reality market was the fastest-growing market in the Asia-Pacific region.
Automotive augmented reality Key Market Players& Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Automotive Augmented Reality market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The automotive augmented reality industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Automotive Augmented Reality industry to benefit clients and increase the market sector. In recent years, the Automotive Augmented Reality industry has offered some of the most significant advantages to the automotive industry. Major players in the Automotive Augmented Reality market, including Delphi Automotive (Ireland), Panasonic (Japan), Hyundai Motors (South Korea), BMW (Germany), Alphabet (US), Robert Bosch GmbH (Germany), Denso (US), Garmin International (US) & Continental AG (Germany)and others, are attempting to increase market demand by investing in research and development operations.
Audi AG is a German automotive manufacturer of luxury vehicles headquartered in Ingolstadt, Bavaria, Germany. As a subsidiary of its parent company, the Volkswagen Group, Audi produces vehicles in nine production facilities worldwide.Audi Q4 e-Tron comes with a spacious cockpit. Audi has added advanced features to this all-electric vehicle, including an AR HUD display. The company initially developed it as a concept car, first revealed at the 2019 Geneva International Motor Show.
Panasonic Automotive Systems Company of America (PASA) is an industry-leading global supplier to Automotive Original Equipment Manufacturers (OEMs) for infotainment systems and advanced connected car solutions. Our clients include Ford, GM, Chrysler, Daimler, Fiat, Tesla, Honda, Toyota, and Nissan.Panasonic Automotive introduced its new AR HUD at CES 2021. The company used its optics, imaging technology, and volume optimization advancements combined with Al from its SPYDR cockpit domain controller to render far-field and near-field content for vehicle information. The information includes speed, pedestrian, or object detection route/mapping guidance for an informed and enhanced driving experience.
Key Companies in the automotive augmented reality market include
- Delphi Automotive (Ireland)
- Panasonic (Japan)
- Hyundai Motors (South Korea) BMW (Germany)
- Alphabet (US)
- Robert Bosch GmbH (Germany)
- Denso (US)
- Garmin International (US) & Continental AG (Germany)
Automotive augmented reality Industry Developments
January 2023: Audi's latest concept car has an all-electric luxury SUV that uses augmented reality glasses and can be converted into a tiny pickup truck, indicating potential future innovations for the Volkswagen premium brand.
January 2023: General Motors (GM) issued a patent application for an auto-dimming augmented reality (AR) windshield, which would improve the driving experience by utilizing an auto-dimming function.
Automotive Augmented Reality Market Segmentation:
Automotive Augmented Reality Sensor Technology Outlook
- Lidar
- Sensor fusion
- Radar
- CCD
Automotive Augmented Reality Level Of Autonomous Driving Outlook
- Conventional
- Semi-Autonomous
Automotive Augmented Reality Function Outlook
- AR HUD with Navigation
- standard functions
- adaptive cruise control
Automotive Augmented Reality Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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